COSATU statement on the unemployment figures
23 February 2021
The Congress of South African Trade Unions has noted the latest quarterly employment statistics that show that unemployment has increased by 1,7 percentage points to 32.5% in the fourth quarter of 2020. These appalling and scandalous numbers are the highest on record in this country. In reality, more than 50% of working-age people are unemployed in South Africa. This dire economic situation reflects a lack of vision and decisive leadership.
This calamitous socioeconomic crisis that is currently engulfing South Africa can be attributed to the misguided macroeconomic policy framework that has been implemented over the years, especially over the last twelve months. The Federation has long lamented the de facto control of economic policy by Treasury. This is the price that workers are paying for this failure by the government.
The National Treasury adopted an austerity strategy that was geared towards containing public-debt and reducing the budget deficit, instead of achieving structural economic transformation through diversifying and building the productive capacity of the economy.
It is unacceptable that no one has been held accountable for this calamitous mismanagement of the economy. This calls into question the efficacy of the monitoring and evolution of government departments by the Presidency. This lack of accountability is unacceptable.